Luca Cordero di Montezemolo, who communicated yesterday his farewell to Ferrari, will receive a settlement of approximately 27 million euros. This was communicated by Fiat Chrysler, specifying that the manager will receive "the severance indemnity attributed to him since 2003 and already described in the Remuneration Report published by the company, equal to five times the fixed component of the annual remuneration of 2,7 million and therefore a total of 13.710.000, payable over twenty years”.
To this must be added 13,2 million also against Montezemolo's commitment not to carry out activities in competition with the Fiat group until March 2017. "The fixed and variable component of the remuneration due up to that moment will be paid, which corresponds at the original expiry of the mandate in Ferrari, totaling 13,2 million to be disbursed by 31 January 2015".
Finally, Montezemolo will temporarily retain the right to purchase Fiat group products with certain concessions as well as to use certain services relating to safety.
